FASB Outlook

From the Chairman's Desk:
Big Ticket Standard Setting

Now that some of our major projects are winding down—and good progress is being made on our narrow-focus simplification projects—the FASB is determining whether there are additional “big ticket” issues we should tackle—and if so, when we should address them.
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FASB’s Simplification Initiative: An Update

By James L. Kroeker, FASB Vice Chairman

Although we have received varied opinions on some of the Simplification Initiative projects, the message from stakeholders is clear: the FASB should reduce complexity in financial reporting. The FASB cannot address that concern without change.
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For the Investor: Benefits of the “CECL” Model and “Vintage” Disclosures

By Hal Schroeder, FASB Member

There were many surprises for investors during the financial crisis. But credit risk should not have been one of them. A central change proposed in the Credit Impairment project is intended to better align the accounting to more accurately reflect how investors view the economics of lending and its inherent credit risks.
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  • From the Chairman's Desk:
    Big Ticket Standard Setting
  • FASB’s Simplification Initiative: An Update
  • For the Investor: Benefits of the “CECL” Model and “Vintage” Disclosures

On the Horizon

In this issue we explore the FASB’s Proposed ASU deferring the effective date of the new revenue recognition standard by one year; the proposed EITF consensus that aims to simplify the accounting requirements for all organizations that offer employee benefit plans; and an upcoming webinar that provides an in-depth look at the FASB’s proposed ASU, Presentation of Financial Statements of Not-for-Profit Entities.
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Spotlight On...

Short-Duration Insurance

The FASB is currently drafting an ASU that makes targeted improvements to existing disclosure requirements for short-duration (one year or less) insurance.

 

Consolidation: Costs and Benefits

This document summarizes how the FASB considered the expected costs and benefits of its ASU on Consolidation, and the process the FASB undertook to conclude that the expected benefits of the amendments in this ASU justify the anticipated costs.

Featured Video


Not-for-Profit Financial Statements
In a two-part video, FASB member Larry Smith speaks with Project Manager Rick Cole about the proposed ASU intended to improve not-for-profit financial statements and notes to financial statements.


Career Opportunities

The FAF and the FASB are seeking bright, motivated people for their staffs to help establish and improve standards of accounting and financial reporting. By joining our teams, you will have the opportunity to make important contributions to improving the Generally Accepted Accounting Principles set by the Boards.
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Featured Video


Who’s Who Interview
With Jeffrey J. Gabello,
FASB Project Manager for
Hedge Accounting


FASB Calendar